HSA News for January 17, 2022
HSA News is compiled by Mr. HSA, Roy Ramthun, weekly.
News from Washington
Biden Officials Require Insurers to Cover Eight At-Home COVID Tests per Month
The Biden administration issued rules requiring private health insurers to cover the cost of at-home COVID-19 tests starting January 15 amid pressure to make testing more available. Under the policy, insurers will be required to cover the cost of eight at-home COVID-19 tests per person each month.
Inflation Rises to Highest Level Since 1982
Consumer prices climbed 7.0 percent for the year ending in December, an increase the Labor Department said on Wednesday is the highest since 1982. The department's Consumer Price Index, which measures inflation for consumer goods and services, increased 0.5 percent in December alone.
Almost 14 million in U.S. Have Signed Up for ACA Coverage in 2022 So Far, Officials Say
HHS officials said that almost 14 million people have so far signed up for medical coverage in 2022 through the Affordable Care Act before this week's deadline. The current open enrollment period has outpaced signups in 2020 by 21%. The tallies come from 33 states using HealthCare.gov.
HSA Compliance Corner
“Mr. HSA” Projects Biggest Changes in HSA Amounts Since Program Began
I am projecting that the HSA amounts will see their biggest increases in the history of the program. This is good news for HSA owners as the contribution limits will rise much more than in prior years. For HSA-qualified insurance plans, the minimum deductibles and annual out-of-pocket limits will also jump larger than for most years.
HRSA Expands Preventive Care Coverage Under ACA for Women, Children
The Health Resources and Services Administration has updated the preventive healthcare guidelines under the ACA to expand coverage of preventive care services for women and children with no out-of-pocket costs. The updated guidelines include coverage for double electric breast pumps and universal suicide risk screening for adolescents.
The HSA Market
Health-Care Costs Seen Taking Growing Portion of Workers’ Pay
Workers in most states paid nearly 12% of median income for health insurance premiums and out-of-pocket expenses in 2020, up from 9% in 2010, according to a new study. The costs of premiums and annual deductibles consume a greater share of income in every state than they did a decade ago.
The CARES and American Rescue Plan Act Will Not Be Offering the Same Flexibility in 2022
The trillion dollar stimulus bills--the CARES Act and American Rescue Plan Act--have allowed Americans far more flexibility in how much of their own money they can keep in their FSAs, HSAs and dependent care FSAs. But that flexibility came to an end on December 31. Only time will tell how much money people will be able to save into 2023.
HSAs & Retirement
The Three Retirement Accounts You Should Try to Maximize in 2022
It’s important to remember there isn’t one clear-cut way to save for retirement. But you must invest to reach your retirement goals. Even if you’re closer to your desired retirement age, there’s still plenty of opportunity to build your retirement savings today. Here are the three accounts you may want to consider. If your employer doesn’t have a HSA option, you can open an HSA yourself and deduct your deposits.
Anyone at Age 65 Should Evaluate How — or if — Medicare Will Fit Into Their Health-Care Coverage. Here’s Why
Anyone who plans to keep working when they reach 65 should evaluate how—or if—Medicare will fit into their health-care coverage. The general rule is that unless you meet an exception, you’ll face late-enrollment penalties if you don’t sign up right away. One of those exceptions is having qualifying insurance through your employer. Yet not all workplace coverage counts. Getting it wrong could cost you.
Maximizing Your HSA
Looking to Tap Your HSA Election to Pay a Bill Now? Wrong Account!
One of the great features of a Health FSA is that you can spend your entire annual election on the first day of the plan year. Health Savings Accounts don't include this feature. Is that a shortcoming, or do Health Savings Accounts offer benefits that offset this Health FSA advantage?
Health Savings Account Rules & Limits
If you’re eligible to establish an HSA, funds deposited in the account can go towards paying medical bills until the plan’s deductible is met and your healthcare coverage goes into effect. These accounts have become an increasingly popular option for consumers seeking to manage their healthcare costs. They also work as a tax-advantaged savings tool as well.
Consumer-Driven Health Care
How to Get Your At-Home Over-the-Counter COVID-19 Test for Free
Starting January 15, most people with a health plan can go online, or to a pharmacy or store to purchase an at-home over-the-counter COVID-19 diagnostic test authorized by the FDA at no cost. The test will either be free directly at the point of sale or by reimbursement if you are charged for your test. Be sure to keep your receipt if you need to submit a claim to your insurance company for reimbursement.